Central Bank again lowers key rate, by 50 bps to 15.5%

MOSCOW. Feb 13 (Interfax) - The Central Bank of Russia's board of directors decided at its Friday meeting to lower the key rate for the sixth time in a row, again by 50 basis points, to 15.5% per annum.

Most analysts expected the rate would be held at 16% but some expected a 50 bps cut.

"The economy continues to return to a balanced growth path. In January, price growth accelerated significantly due to one-off factors. However, the Bank of Russia estimates that the underlying measures of current price growth have not changed considerably. After the effect of one-off factors fades, disinflation will continue," the regulator said in a press release following the decision.

The Central Bank will assess the need for a further key rate cut at its upcoming meetings depending on the sustainability of the inflation slowdown and the dynamics of inflation expectations, it said.

The rate was cut 50 bps to 16% per annum at the last meeting on December 19, 2025. It also cut the rate 50 bps at its previous meeting on October 24. There was a bigger cut of 100 bps at the September meeting, and the rate was cut 200 bps from 20% to 18% per annum on July 25. The Central Bank cut the rate for the first time in 2.5 years on June 6, by 100 bps from 21% per annum.

The Central Bank had kept the rate at 21% per annum for four consecutive meetings prior to June 2025 after raising it 200 bps from 19% on October 25, 2024. The regulator decided to hold the rate at 21% at its December 20, 2024, meeting, although most analysts had expected an increase. The rate remained unchanged on February 14, March 21 and April 25, 2025.

The Central Bank's next rate-setting meeting is scheduled for March 20.